A local resident from Tsim Sha Tsui, who did not want to be identified, told the ABC the violence was frightening people away.

"We can see the tourist numbers in Canton Road have really decreased," she said.

"They are frightening people away, they see the online coverage about things happening in Hong Kong right now and they think it's really violent. It has really influenced their perception of Hong Kong."

Hong Kong economy takes a hit as protests continue

Luxury sales for June in Hong Kong were down more than 17 per cent on the previous year, according to S&P Global.

The Hong Kong Government also released its own figures, which showed sales of jewellery, watches, clocks and valuable gifts at retail outlets in June dropped to $1 billion, down from $1.32 billion last year.

Total retail sales for last month are estimated at $6.6 billion, almost 7 per cent below June last year.

The Kering company, which owns Gucci, Saint Laurent, Alexander McQueen and Balenciaga, said it expected underperformance in Hong Kong due to the protests.

Prada said Hong Kong had also been a drag on sales in Asia while Hugo Boss has closed its airport store, and one in Hong Kong's luxury strip.

Hong Kong's finance chief, Paul Chan Mo-po, this week warned the city's economy could plunge into recession if it continued to be rocked by escalating turmoil in the streets and the global trade war.

He issued the grave warning as the financial hub was paralysed by flight cancellations, commuter chaos, traffic jams and service disruptions when thousands of people joined the largest citywide strike in decades on Monday.

Analysts estimated the economic cost of the day of protests could be up to $487 million.

Cathay Pacific, the territory's national carrier, said it had suffered a double-digit fall in ticket sales for travel to the city, due to the social unrest.

"It is facing very big downward pressure as it has to deal with the ongoing US-China trade war and internal challenges at the same time."

China's state council on Hong Kong has also spoken out, blaming protesters for destroying the city's economy.

"For the past two months, the attacks have caused a serious impact on the economic development and people's wellbeing in Hong Kong," said Yang Guang, a spokesperson for China's Hong Kong and Macau Affairs office.

The growing protests are also weighing on the neighbouring Chinese territory of Macau as visitors steer clear of the world's biggest gambling hub, worried over transport disruptions and safety concerns.

Macau, which is an hour away by ferry from Hong Kong or a 30-minute drive from its international airport, reported a 3.5 per cent fall in gaming revenues in July.